Debt is a serious matter and it can make life hell for the debtor as any debtor would agree to. Once a person is in debt, every penny that is spent by him/her even on necessities causes him/her stress which is why you might have heard that many debtors contract illnesses just because of the stress. If you live in the UK, there is a great agreement for you that can get you out of debt while giving you a lot of relaxation and that debt is called Individual Voluntary Arrangement or IVA. It is true that there are people who opt for IVA every thirteen minutes in the UK but as with everything, there are cons associated with it too. We consider it our job to deliver the whole of truth to the leader which is why you will find complete information on pros and cons here on IVA so let us have a look at them.
The advantages of IVA are quite huge like the debtor has to pay up affordable amount of money every month and nothing overboard. He/she does not need to give up on his/her house which is a huge pro as every debtor fears that he/she might lose her home. Another great thing about IVA is that all the interest and charges are completely frozen under IVA.
The whole agreement is of 5 years so the debtor needs to be vigilant about the payment every single month for 5 years. All the details about your debt and credit would be written down in the Insolvency Register and your credit file will also display information about the arrangement for 6 whole years. Another con is that it will not be as easy to get loans of different sorts.